Latham Circle Mall
This story, taken from Jack Thomas's site - Retail-Stories.blogspot.com, is an interesting twist on the malls of today - most are becoming 'Lifestyle Centers' - open air versions of their former self. This mall is keeping both the enclosed mall and adding new aspects from the Lifestyle center concept.
Full story at: Retail Stories
Latham Circle Mall Update
From the Albany Times Union :
Latham mall's new 'lifestyle' Owners seek to embrace successful makeovers of other shopping destinations
By ALAN WECHSLER, Business writer Click byline for more stories by writer.
First published: Saturday, May 19, 2007
COLONIE -- Following in the footsteps of Clifton Park Center, Latham Circle Mall announced a multimillion-dollar project Friday to recapture its former glory.
The reconfiguration of the 675,000-square-foot mall is set to begin this summer, pending town of Colonie approval. It is expected to be completed by fall 2008.
A $12 million improvement project had been announced more than two years ago by owner Eugene Weiss. Now, the details of the plan have been revealed, although a cost has not been mentioned. Officials, however, said it would likely be more than originally announced.
Weiss and his sons, who are partners, want to create a combination indoor mall and outdoor "lifestyle center," akin to Stuyvesant Plaza in Guilderland. It's reminiscent of improvements at Clifton Park Center, where part of the enclosed mall off Northway Exit 9 was torn down in favor of a row of stores facing the parking lot.
"I think what we're trying to do is create a lot of the same things that they're doing," said Alex Weiss, Eugene Weiss' son and partner in mall owner EW Enterprises LLC. "I think we're moving to the trends we're seeing across the country."
In the case of Latham Circle Mall -- which will get a new name -- much of the indoor mall would be left standing. Stores facing the east parking lot would get outdoor entrances and new facades.
The entire interior would be rebuilt, with some store spaces reconfigured to accommodate new tenants. What is now the food court would be changed to a new anchor store.
The Weisses said a key component of the renovation would be an open-air courtyard near the center of the existing mall. The courtyard, accessible to the main parking lot, would feature valet parking, alfresco dining and a new main entrance.
One new tenant was announced Friday: Bonefish Grill, an upscale seafood restaurant chain. The 5,500-square-foot restaurant is expected to open next spring off the courtyard.
Latham Circle Mall started as a strip center in 1956. It was enclosed in 1977 and grew in size over the next few years. In 1988, J.C. Penney expanded and that same year the cinema opened. Lowe's home improvement center, the mall's newest anchor, opened in 2004.
Two years ago, Weiss said he had secured financing for improvements that could amount to $12 million. He promised a new Regal Cinema, with a 10-year lease and stadium seating. Since then, occupancy at the mall has shrunk to the point that whole wings are empty (mall officials did not release occupancy rates).
On Friday, store owners were discussing the news, but most had not yet heard details. "I know I'm looking forward to it," said Maria Cooke, owner of Sportszone. She said she relocated from Crossgates Mall in August, lured by cheaper rent and the rumor that an improvement project was in the works. "This is a great location."
The Weiss family has hired Syracuse-based Cameron Group LLC, a real estate management and leasing company, to help find new tenants. But filling the many empty spaces may not be as easy as installing new tiles and opening a courtyard, said Jeff Pfeil, a principal in J.W. Pfeil & Co. Inc., a Saratoga Springs-based retail developer and leasing agent.
"The retailers are getting more and more particular about where they want to go," he said. "And there aren't that many to choose from." Pfeil said Latham Circle Mall has needed a rehab for years, and praised the efforts. But he was surprised to hear the mall was keeping its indoor section.
"That's not what I would do," he said. "I think I'd scrap the whole thing and start from scratch."
Also, for your viewing pleasure, a link for the developers website, showing a future floorplan and other details.